The COVID-19 outbreak has been catastrophic, not just for millions of people across the globe but also for global economies, businesses and overall consumption. Market sentiments have been at an all-time low owing to the pandemic situation and naturally, sales have been getting bleaker for most organizations, irrespective of their sizes.
Give an overview about COVID-19
The COVID-19 pandemic has put most businesses in a quandary regarding how to manage sales and retain customers while finding new ones at least in the near future, if not at present. Conventional planning for emergencies was not enough to prepare companies for this pandemic and they are now figuring out ways to enhance their overall responses to the same.
COVID-19 has impacted the investor and business community globally. The disruption of global supply chains aside, there is a threat arising from huge revenue losses that may adversely impact businesses worldwide. The impact of the COVID-19 pandemic may ultimately go up or stabilize, depending on the geographic spread of the deadly virus. Yet, it has negatively impacted the global economy already.
How does it affect company sales?
Companies are already struggling with sales management during COVID-19, particularly since they are caught up in safeguarding their employees, premises and also mitigating operational and financial expenditure.
Several businesses have lowered production/output or service delivery while operations have been suspended across several regions. Travel limitations, working from home and distancing regulations have also played a part in lower sales figures. At the same time, fluctuating economic fortunes of consumers, overall poor market sentiments and the overall threat to life and well-being posed by this pandemic are factors resulting in lower sales volumes for most companies.
What are the challenges?
There are tons of challenges ahead for companies as they struggle to combat COVID-19 while swiftly adapting to the new normal in terms of life and work. Here are some pointers worth noting in this regard:
- Chief sales officers anticipate rapid and wide-changing sales organization changes along with changes in the ecosystem for leads and customers and also the supply chain.
- The sales teams are also anticipating challenges regarding managing risks linked to COVID-19, transportation, consumer connect, planning and execution.
- Such global diseases will naturally pose a risk towards commercial activities in the market.
- Low customer appetite in the market, fluctuating global economies, negative sentiment, lower demand are major sales-stoppers.
What are the business-driven priorities for company sales during this crisis?
Of course, while companies should learn how to manage sales leads during this difficult time, this is just one part of the overwhelming list of priorities that they have to address at present.
Here’s taking a look at some of them:
- Employees-First- First and foremost, companies have to prioritize the safety of their employees and help them ease into focusing on work and their responsibilities once again. This includes providing employees with the resources, compassion and empathy needed to recover.
- Preparing for organizational risks- Sellers should know that companies are prioritizing their overall health over short-term sales volumes. Be willing to offer compensation plans. Prepare the organization for major dips and softening in demand along with longer sales cycles while planning for higher cancellations of orders.
- Take care of risks to inventory, supply chain and customer deliveries which may be a problem in more ways than one.
- Prepare the company for swift execution, unique to the challenges faced by the organization. Transparent messaging and communication across the board is a major plus point in this regard.
- Have metrics for tracking sales activity, engagement, identifying new problems/issues and adherence levels to regulations.
- Enhancing company competitiveness- Leaders should invest more in building relationships with customers and proper lead management and nurturing systems. They should look to reward customer loyalty along with finding ways and means to help equip major channel partners, customers and suppliers to recover and succeed.
How LeadX helps to grow company sales?
Agreed, things do look bleak on the sales front for most companies, at least for now. Yet, there are solutions that you can tap into for growing company sales. LeadX is one such innovative offering, enabling you to tap into personal and professional networks of your employees, even during the COVID-19 pandemic. Why look outside for leads and referrals when you have your employees and partners? They are your biggest source of strength.
LeadX empowers them to post hot and warm leads (eliminating time taken to filter leads) which can be swiftly passed onto the sales team for closing the deal. Deals are closed together by teams and all progress is tracked and monitored in real-time. Leads can be posted instantly and employees are recognized and rewarded for the same as incentives. This enables steady growth in company revenues while helping employees earn bonuses at the same time.
Innovation is the key to success in a post-COVID world
In a post-COVID world, companies which innovate and use the right technological tools will be the ones succeeding. Leveraging solutions like LeadX will help you build a stronger culture of teamwork and build a sales strategy that eliminates time in filtering and identifying prospects.
You can instantly cash in on personal networks of employees who post warm and agreeable leads and everything is tracked in real-time, thereby giving you valuable insights on managing these leads as well. This enables you to save time, money and energy while boosting productivity and teamwork. This sounds like the perfect sales solution in the current scenario!